“But our balance sheet is positioned for higher, for longer. We have a lot of the balance sheet in cash. Our fixed income securities are going to roll off a quarter a year over the next few years, and the pick-up and yield from that is about 200 basis points to 300 basis points.”

In context

“o win out and we want to help them to do that. Gerard Cassidy: Great, and then Dermot, you touched on with deposits, the challenges the banking system faced earlier in this year and Bank of New York was looked at as a safe haven in some people's minds and your deposits have reflected that as you pointed out. Can you share with us if QT stays with the Fed through the end of next year, what kind of impact are you guys thinking that that could have on deposits throughout 2024? Thank you. Dermot McDonogh: So I think it's a bit too early for me, Gerard, to kind of give you guidance for 2024 on that. But like I said earlier, we kind of feel we've reached a more kind of normalized level given what happened in March and then the debt ceiling and who kind of knows what's going to happen from here. But our balance sheet is positioned for higher, for longer. We have a lot of the balance sheet in cash. Our fixed income securities are going to roll off a quarter a year over the next few years, and the pick-up and yield from that is about 200 basis points to 300 basis points. So when we look at the balance sheet together, we kind of feel very good about our NII for the next while. January will be when we give you more detailed guidance for how we think about it for 2024, but our deposit base and how our clients are in the ecosystem. And look, if they're not with us for deposits, we want them to be in our DRIFAS money market fund complex and be kind of using our products and services. So we don't want to lose the cash, we can put the cash into other products. So I think we feel very good about where the deposit franchise is now. We feel very good about the pipeline of activity that's coming our way, but who knows? And we are prepared and risk managed to a higher for longer continued QT, et cetera, et cetera, et cetera. Robin Vince: And Gerard, I just add one po”